Packer off Ten board as shake-up continues

Update James Packer has resigned from the board of broadcaster Ten Network Holdings and Seven Network executive James Warburton has been appointed chief executive as the board shake-up at the broadcaster continues.

A single-sentence statement to the Australian Securities Exchange today said Mr Packer's resignation would take effect immediately.

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Mr Warburton is chief of sales and digital officer of Seven Media Group. He will receive $2.2 million in fixed remuneration as Ten chief executive, plus a performance bonus of up to 50 per cent of his fixed salary.

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Mr Murdoch was one of a number of recent additions to the Ten board following a series of share purchases involving Mr Packer's Consolidated Media, Mr Murdoch's Illyria, and Gina Rinehart's HPPL Group.

James Packer and Lachlan Murdoch ... Packer is off the board, and Murdoch has handed over as chief executive to James Warburton.

Mr Packer and Mr Murdoch are listed as jointly holding 17.88 per cent of Ten.

Ms Rinehart, Australia's richest person, joined the board on November 26 after she also acquired a substantial holding in Ten. She now holds 5.39 per cent through HPPL Group.

The share purchases were followed by the departure of Ten's executive chairman, Nick Falloon. He was replaced on December 15 by Mr Blackley, who himself was sacked by the board last week.

Today, Ten first announced, without explanation, Mr Packer's resignation from the board.

The one-sentence release reads: "Ten Network Holdings Ltd today announced the resignation of James Packer as a director of the Company, effective immediately."

In a subsequent statement released just moments later, Ten announced the appointment of Mr Warburton as chief executive, the departure of John Kelly as Ten’s chief financial officer, and Mr Kelly's replacement as Paul Anderson, currently chief financial officer - television.

Ten said Mr Warburton would start in the new role on July 14.

Ten chairman Brian Long said Mr Warburton was "a high calibre media executive with an enviable track record in television and digital media sales".

"He has forged an exemplary reputation in the media sector in Australia and has strong relationships within the media and advertising community."

Mr Long said Mr Murdoch had brought Mr Warburton to Ten from Seven.

Mr Murdoch said: "I know James well, and I also know that he will lead this business with great success."